FHA Info #17-27 was published this week as a reminder to mortgagees and appraisers that they must have and maintain a valid user ID for FHA Connection (FHAC) to access the Electronic Appraisal Delivery portal. Individuals who have not signed on to FHAC for 90 days lose their user ID and must be reinstated by … more Resolving Common Challenges When Using the Electronic Appraisal Delivery Portal
HUD
NRMLA Seeks Reverse Mortgage Clarifications in HMDA RuleMembers Only
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Administration’s Budget Praises HECM and Proposes End to Cap
Recognizing the significant improvements that have been made to the HECM program that reduce risk to the MMI Fund and ensure responsible lending to aging homeowners, President Trump published a proposed Fiscal Year 2018 budget this week that would permanently remove the cap on the aggregate number of reverse mortgages that FHA can insure. The … more Administration’s Budget Praises HECM and Proposes End to Cap
Financial Assessment Looks Better and Better
Financial Assessment is still working, only more so. FHA’s new policy of requiring financial assessment (“FA”) of the borrower’s ability to pay has cut tax and insurance default by nearly three quarters and serious defaults by almost two-thirds. These results are even better than the encouraging data we shared this past February. FHA’s objective for … more Financial Assessment Looks Better and Better
Preparation for Loan Review System Go-Live on May 15th
There is less than one week remaining before the implementation of the Federal Housing Administration’s Loan Review System (LRS). When LRS goes live on May 15, lenders will use the system for all new post-endorsement loan reviews and other quality control functions for Single Family Title II mortgages (which includes Home Equity Conversion Mortgages). During … more Preparation for Loan Review System Go-Live on May 15th
HUD PD&R Publication Examines HECMs
The latest issue of Cityscape, published by HUD’s Office of Policy Development and Research, is a double issue titled “Home Equity Conversion Mortgages and Transforming Communities” that includes articles on reverse mortgage collateral, tax deferral programs, reverse mortgage motivations and outcomes and analysis of the Japanese reverse mortgage market. Guest Editor William Reid summarized the … more HUD PD&R Publication Examines HECMs
Helping Delinquent HECM Borrowers in IL and CA
The Illinois Housing Development Authority (IHDA) launched the Reverse Mortgage Assistance Program last week to help HECM borrowers in the Prairie State who are in technical default for not paying their property taxes and homeowners insurance policies. The IHDA offers up to $35,000 to reinstate a homeowner’s delinquent property expenses and pay future taxes and … more Helping Delinquent HECM Borrowers in IL and CA
Start Preparing for May 15 LRS Implementation Date
The Federal Housing Administration has scheduled a third webinar for the afternoon of April 26 to help mortgagees prepare for the May 15 implementation date for the Loan Review System (LRS), as announced in Mortgagee Letter 2017-08. NEW! Live Webinar 3 – Loan Review System (LRS): Lender Monitoring, Reporting, and Other Functions, April 26, 2017, … more Start Preparing for May 15 LRS Implementation Date
What You Missed at NRMLA EastMembers Only
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Changes Made to CHUMS
This morning, the Department of Housing and Urban Development made the following changes to its Computerized Home Underwriting Management System (CHUMS): CMCR-F17-2017-00020-Modified the HECM Financial Assessment Update screen to require the “Family Size” value to be two (2) when the “Non-Borrowing Spouse Income” compensating factor is selected. In addition, modified the HECM Financial Assessment Update … more Changes Made to CHUMS